The Midlife Money Checklist: 10 Things to Do Before 55
- Prosper Admin
- Oct 2
- 3 min read
Midlife is a powerful turning point. You’ve built experience, resilience, and wisdom — and now is the time to make sure your money reflects that. Whether you're juggling career, caregiving, or planning for retirement, your financial decisions in your 40s and early 50s can shape the next 30 years.
At Prosper, we believe midlife isn’t a crisis — it’s a catalyst. Here’s your checklist to take control, protect your future, and feel confident about what comes next.
1. Review Your Superannuation Strategy
Your super is likely your largest retirement asset — and it deserves attention. Check your current balance, investment mix, and fees. Are you in a growth option that suits your time horizon? Are you making the most of concessional (pre-tax) and non-concessional (after-tax) contributions?
If you’ve had career breaks or part-time work, consider catch-up contributions. From age 50, you may also be eligible for higher caps or downsizer contributions. Every dollar counts — and compounds.
2. Revisit Your Insurance Cover
Life changes — and so should your insurance. Review your life, TPD, and income protection policies. Are they still appropriate for your dependents, debts, and lifestyle?
Many women discover they’re underinsured or paying for cover they no longer need. A quick review with a financial adviser can help you strike the right balance between protection and affordability.
3. Get Clear on Your Retirement Number
How much do you need to retire comfortably? It’s not just about age — it’s about lifestyle. Start by estimating your desired annual income in retirement, then work backwards to calculate your target savings.
Tools like the ASFA Retirement Standard or a personalised projection can help. Knowing your number gives you clarity — and motivation.
4. Consolidate and Declutter
If you’ve had multiple jobs, you may have multiple super accounts. Consolidating them can reduce fees and simplify your strategy. The same goes for old bank accounts, credit cards, or forgotten investments.
Decluttering your financial life makes space for intentional growth.
5. Maximise Your Earning Potential
Midlife is a great time to invest in yourself. Could you negotiate a raise, pivot careers, or start a side business? Your income in these years is a powerful driver of future wealth — and confidence.
Don’t underestimate your value. Advocate for it.
6. Prioritise Debt Reduction
High-interest debt can quietly erode your financial progress. Focus on paying down credit cards, personal loans, and even your mortgage if possible. Consider refinancing or restructuring to free up cash flow.
Every dollar saved on interest is a dollar earned for your future.
7. Build a Flexible Emergency Fund
Life is unpredictable — especially in midlife. Health changes, family needs, or job transitions can arise. Aim for 3–6 months of living expenses in an accessible account. It’s not just about emergencies — it’s about peace of mind.
8. Update Your Estate Plan
If you haven’t reviewed your will, power of attorney, or beneficiary nominations recently, now’s the time. Make sure your wishes are clear, your documents are valid, and your loved ones are protected.
Estate planning isn’t just for the wealthy — it’s for the wise.
9. Talk to Your Partner (or Yourself)
If you’re in a relationship, financial planning should be shared. Discuss goals, retirement timelines, and expectations. If you’re single, take time to reflect on your values and priorities. Either way, clarity leads to confidence.
10. Seek Advice That Respects Your Journey
Midlife women often face unique financial challenges — and opportunities. Look for advisers who understand your lived experience, listen deeply, and tailor strategies to your goals. You deserve advice that’s empowering.
How Prosper Financial Planning Supports You
At Prosper, we specialise in guiding women through midlife transitions with clarity, compassion, and strategy. Our approach ensures you feel seen, heard, and supported. We help you:
Optimise your super and retirement planning
Review insurance and estate strategies
Reduce debt and build emergency buffers
Advocate for your earning potential
Make confident, informed decisions about your future
Whether you're 45 or 54, it’s never too late — or too early — to take control.
Ready to Take the Next Step?
Midlife is your time. If you’re ready to turn reflection into action, book a complimentary consultation with Prosper Financial Planning. Let’s build a future that honours your strength, your story, and your financial goals.
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